The decentralized finance (DeFi) ecosystem keeps on growing apace, now surpassing a major milestone that has pushed the total value locked (TVL) beyond a whopping $101.5 billion, according to the latest data from OKX Explorer’s DeFi Leaderboard.
This impressive figure certainly highlights the ongoing evolution of DeFi and shows how much we are now full of investor confidence and how many new protocols we are developing across various blockchain networks. And while Ethereum remains the space’s undisputed leader in terms of TVL, other blockchain platforms, such as Solana, Bitcoin, BNB Chain, and Tron, are making much more significant contributions to the figures and the DeFi space than ever.
Ethereum Remains the Dominant Force in DeFi
Ethereum maintains a commanding lead in the decentralized finance (DeFi) sector, securing its place as the largest blockchain in total value locked (TVL). As of March 27, 2025, Ethereum commanded a sumptuous $54.22 billion in TVL, representing over 53% of the total market share in DeFi. This strong performance is mainly thanks to Ethereum’s well-developed environment, which harbors a diverse array of decentralized applications (dApps). Furthermore, Ethereum receives consistent attention with well-planned upgrades that aim to enhance scalability and cut down on average transaction costs.
DeFi’s dominance on Ethereum is solidified by its many liquidity pools, DEXs, and lending protocols that attract a global user base. In the face of innovative new blockchains, Ethereum remains the leading DeFi platform, thanks to its robust dev community and the platform’s ongoing evolution (e.g., Ethereum 2.0).
Rising Competition from Solana, Bitcoin, BNB Chain, and Tron
Though Ethereum is still the king, other blockchain platforms are ascertaining their place in the space left largely to DeFi. Solana, for its part, has found its way and identified its space in DeFi, gaining traction among developers and users ever since it has very low fees and a very good throughput. As of the most recent data, of which I am aware, Solana’s total value locked stands at an even $7.14 billion, about 7.04% of the DeFi space.
Bitcoin, often viewed solely as a store of value, has also begun to take steps into the space known as decentralized finance, or DeFi. This set of financial services operates without traditional intermediaries and leverages smart contracts on various blockchain-based platforms. As of now, Bitcoin holds a total value locked, or TVL, of $5.72 billion, which translates into a 5.64% market share. When we consider that many people hardly see Bitcoin as a DeFi player, this number can certainly be perceived as impressive.
The BNB Chain, the blockchain that is associated with Binance, is another strong contender in the DeFi market, with a total value locked (TVL) of $5.58 billion (5.5% market share). Its ability to offer low-cost transactions and high scalability has helped it attract a wide array of decentralized applications, including numerous decentralized exchanges and yield farming protocols. With an active community and support from the Binance ecosystem, it is safely positioned as a top blockchain for DeFi applications.
DeFi’s top five blockchains largely mirror the leaders in total value locked (TVL) in Web3.
1. Ethereum
deFiLlama puts Ethereum’s DeFi TVL at $25.69 billion (62.28% market share) as of yesterday. Known for being the smart contract platform of choice for DeFi developers, Ethereum has built out a DeFi ecosystem that both dwarfs and leads nearly all others.
2. Binance Smart Chain
With $3.4 billion (8.46% market share), Binance Smart Chain (BSC) ranks second. BSC has attracted many DeFi developers (though not without controversy) and has many of the same projects in DeFi that appear in the Ethereum ecosystem. In addition, BSC has many of its own projects. BSC’s appeal also lies in its speed and, mostly, being a less expensive alternative to DeFi on Ethereum.
Stablecoins: The Backbone of DeFi Liquidity
One of the core growth factors of the DeFi sector is its increasing dependence on stablecoins. These digital assets, which have their values linked to traditional fiat currencies like the US dollar, provide the stability and liquidity that DeFi protocols need to reach the next level of their development. The three most prominent stablecoins right now—USDT, USDC, and USDe—haven’t changed over this past year and constitute a combined 64.71% of the total supply of stablecoins.
Tether’s USDT is still the biggest stablecoin by far, sporting a 64.71% market share. While it may have seen a slight dip in that share—down 1.2% over the past 30 days—it looks to be holding strong as the main crypto stablecoin, in part because more Tether is continuing to be used in decentralized finance.
USD Coin (USDC) has also seen a rise in its market share, currently holding 26.88% of the stablecoin market, an increase of 0.91% over the last month. USDC’s growing adoption among DeFi projects and its backing by regulated financial institutions have contributed to its increasing popularity in the space.
At the same time, USDe—holding a 2.4% market share—has suffered a slight decline over the past month, dropping 0.31%. Even with that modest downtrend, USDe is still seen as a reliable stablecoin by many in the DeFi ecosystem; it’s a go-to for a lot of projects when they need a form of collateral to enable decentralized lending and other kinds of financial services.
Stablecoins are an essential part of DeFi. They provide the crucial functions of liquidity and price stability as well as acting as digital cash to enable DeFi transactions, especially on Ethereum. But just as the whole crypto ecosystem is under fire right now over issues of trust and transparency, so are stablecoins. And this is a problem because if DeFi and stablecoins are going to work, then at a minimum there has to be trust in the technology and the people behind it.
Conclusion: DeFi’s Bright Future and Ongoing Innovation
The DeFi space is evolving so fast that it is kind of surreal. The total TVL (total value locked) in DeFi has now surpassed the 101 billion dollars mark. Ethereum is still the number one platform, but blockchains like Solana, Bitcoin, BNB Chain, and Tron are starting to make a serious play in the DeFi market and indicate growing diversification. And the adoption of stablecoins like USDT and USDC is providing the kind of liquidity that DeFi needs in order to develop.
The DeFi sector is becoming more sophisticated and productive, leaving us with an impression of serious ongoing work and of a sector that is very much alive and kicking. All the DeFi protocols are evolving rapidly, and the competition among them promises high-quality services for the users. More service quality also presupposes more liquidity, which is reinvested in the DeFi sector itself; that is, liquidity is reinvested in the returns of the more productive DeFi protocols.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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